EQS-News

TTL Beteiligungs- und Grundbesitz-AG: TTL publishes 2023 half-year results - Seite 2

At the level of TTL Real Estate GmbH, the development of DIC Asset AG ("DIC Asset") is of particular importance. It maintained its assets under management at a high level of EUR 14.2 billion as of June 30, 2023, and increased its space-based rental performance by 50 percent year-on-year to around 257,900 square meters - the main reason for this was the higher proportion of logistics leases. At the same time, DIC Asset's gross rental income rose to EUR 96.9 million (previous year: EUR 75.2 million), partly due to the consolidation of VIB and like-for-like growth (i.e. excluding portfolio additions and disposals). Overall, however, the results of DIC Asset, in which TTL holds a stake via its subsidiary TTL Real Estate GmbH, were particularly impacted by the ongoing restraint on the transaction market. The operating FFO result (after minority interests, before taxes) was EUR 22.4 million (previous year: EUR 53.0 million). In addition to a higher interest burden, the market-related complete absence of transaction and performance fees in the first half of 2023 contributed to this. DIC Asset's consolidated result was EUR -16.6 million (previous year: EUR 30.8 million).

Earnings and asset situation of the TTL Group

Revenues from management services for portfolio companies amounted to around EUR 0.7 million in the first half of 2023 compared to EUR 0.9 million in the first half of 2022.

TTL Real Estate contributed EUR -2.1 million to TTL's consolidated earnings in the first six months (previous year: EUR 0.4 million). Montano's contribution to earnings was EUR 0.1 million, compared with EUR 0.5 million in the previous year. Including interest and similar income, investment and interest income totaled EUR -1.9 million (previous year: EUR 1.0 million).

TTL's interest expenses were further reduced compared to the previous year and amounted to EUR 0.3 million in the reporting period (H1 2022: EUR 0.4 million). Overall, this resulted in a financial result (interest and investment result) of EUR -2.2 million (H1 2022: EUR 0.6 million).

TTL's consolidated earnings before taxes amounted to EUR -2.5 million in the first half of 2023, compared to EUR 0.3 million in the previous year. The decline is due to the developments at the level of the portfolio companies described above. The half-year result after taxes amounted to EUR -3.7 million (prior-year period: EUR 0.3 million).